The holiday shopping season is off to a strong start and retailers hope to continue the momentum today—Cyber Monday—the biggest online spending day of the year.
E-commerce spending will jump almost 17 percent from a year ago to $6.6 billion on Cyber Monday, according to estimates from Adobe Systems Inc. Shoppers continue to ditch the hassle of crowded stores and malls for the convenience of shopping online. Online spending during the November-December holiday season in the U.S. is projected to reach about $107 billion this year, more than 11 percent of total holiday retail sales—the largest portion ever, according to EMarketer Inc.
Amazon, the world’s biggest online retailer, is projected to capture half of the e-commerce holiday spending growth, according to Bain & Co. GBH Insights estimated Friday afternoon that Amazon had captured as much as 50 percent of all online Black Friday sales.
Read more in Bloomberg.